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House seizures decrease in Quebec

House seizures decrease in Quebec

The financial health of home owners improves in Quebec whereas house seizures have decreased for an eighth consecutive month.


According to the most recent report of GDL Crédit Resource, 198 owners had to hand in the keys of their residence in November. This is a decrease of 33% compared to November of 2009.


The regions of Laval, the Laurentians, the Outaouais and the Montérégie made up the majority of the procedures. The average mortgage balance of the seizures reached 185.000 $, for a total of credits due of 36,5 million dollars. The highest balance has been recorded in Montreal, at 291.578 $, whereas the lowest balance has been registered in the Bas St-Laurent, at 72.023 $.


Since the beginning of the year, the number of seizures reaches 2730 compared to 3127 for the same period one year ago.


The downward trend should continue in the next few months because of the number of notices which also continues to diminish.


In November, the notices of seizure moved back from 12,7% to 789. This procedure is the first stage rising from a non-payment. It does not lead automatically to a seizure, but it gives an idea of what goes on in the sector.


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Québec Landlords Association (1)

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